Avantax Advisory Services Inc. Increases Position in The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Avantax Advisory Services Inc. increased its stake in The PNC Financial Services Group by 3.3% during the first quarter, now owning 56,268 shares valued at approximately $9.89 million.
• The company recently announced a quarterly dividend increase from $1.60 to $1.70 per share, which reflects an annualized yield of 3.47% and a payout ratio of 46.51%.
• Analysts currently rate The PNC Financial Services Group as a "Moderate Buy", with an average price target of $212.76, highlighting mixed sentiments among investors.

Avantax Advisory Services Inc. increased its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 3.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,268 shares of the financial services provider's stock after purchasing an additional 1,793 shares during the period. Avantax Advisory Services Inc.'s holdings in The PNC Financial Services Group were worth $9,890,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Mechanics Financial Corp purchased a new stake in shares of The PNC Financial Services Group during the fourth quarter worth about $541,000. Ignite Planners LLC boosted its stake in The PNC Financial Services Group by 8.4% in the 1st quarter. Ignite Planners LLC now owns 1,628 shares of the financial services provider's stock worth $262,000 after purchasing an additional 126 shares during the period. Exane Asset Management grew its holdings in The PNC Financial Services Group by 32.9% during the 1st quarter. Exane Asset Management now owns 149,783 shares of the financial services provider's stock valued at $28,434,000 after buying an additional 37,110 shares in the last quarter. Smith Salley Wealth Management raised its position in shares of The PNC Financial Services Group by 15.6% during the first quarter. Smith Salley Wealth Management now owns 72,844 shares of the financial services provider's stock valued at $12,804,000 after buying an additional 9,836 shares during the last quarter. Finally, United Community Bank raised its position in shares of The PNC Financial Services Group by 687.0% during the first quarter. United Community Bank now owns 12,325 shares of the financial services provider's stock valued at $2,166,000 after buying an additional 10,759 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Bank of America raised their target price on shares of The PNC Financial Services Group from $223.00 to $226.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. Royal Bank Of Canada dropped their price objective on shares of The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. JPMorgan Chase & Co. reduced their target price on The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. Keefe, Bruyette & Woods upgraded The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and boosted their target price for the stock from $185.00 to $212.00 in a research report on Wednesday, July 9th. Finally, Wall Street Zen raised The PNC Financial Services Group from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, The PNC Financial Services Group presently has a consensus rating of "Moderate Buy" and an average price target of $212.76.

The PNC Financial Services Group Stock Down 0.1%

NYSE PNC opened at $195.95 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.05. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week high of $216.26. The firm has a market capitalization of $77.51 billion, a price-to-earnings ratio of 13.40, a PEG ratio of 1.46 and a beta of 1.07. The company has a fifty day moving average of $184.26 and a two-hundred day moving average of $180.28.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.56 by $0.29. The firm had revenue of $3.01 billion during the quarter, compared to analyst estimates of $5.61 billion. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The business's revenue was up 4.6% on a year-over-year basis. During the same quarter last year, the business earned $3.39 EPS. On average, analysts predict that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th will be paid a dividend of $1.70 per share. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.60. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.47%. The PNC Financial Services Group's dividend payout ratio is currently 46.51%.

Insider Activity at The PNC Financial Services Group

In related news, EVP Kieran John Fallon sold 1,492 shares of the business's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $174.56, for a total transaction of $260,443.52. Following the completion of the transaction, the executive vice president owned 20,490 shares in the company, valued at $3,576,734.40. The trade was a 6.79% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $169.75, for a total value of $210,829.50. Following the completion of the sale, the chief executive officer owned 554,879 shares in the company, valued at approximately $94,190,710.25. The trade was a 0.22% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,061 shares of company stock worth $1,199,723. Company insiders own 0.41% of the company's stock.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.

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